Nordic American Tankers Limited Expects Stronger Tanker Market During Second Half of the Year

The 2Q2019 results for NAT are to be released Friday August 16, 2019 before the opening of trading at the New York Stock Exchange.

As communicated in the past, our results and dividends fluctuate. A normal seasonal slowdown occurred during 2Q2019. However, the dividend policy of NAT remains steadfast. The Board has declared a dividend of 1 cent per share for the quarter, which is the 88th quarterly dividend.

The time charter equivalent per ship was about USD 14,500 per day during the second quarter of 2019, giving an average of about USD 20,000 for the first half of 2019. This is a significant improvement over the same period in 2018.

We expect a stronger market in the second half of the year. We foresee that 2019 overall to be better than 2018. We also expect 2020 to be a strong year for our tankers. The situation in the Middle East may well have a positive effect on NAT. With a better tanker environment, we expect the NAT dividend capacity to increase appreciably.

In recent months NAT has been contacted by industry players seeking cooperation, indicating that NAT is regarded as an attractive investment opportunity. The main policy of NAT is to treat all shareholders equally. We have advised such interested parties that they may buy shares in NAT. NAT has a high trading volume. One important reason for being listed, is that shareholders may buy and sell shares whenever they wish.

Important changes have taken place in NAT in 2019. A full refinancing was concluded in February 2019 via one US based financial institution. All other bank debt was repaid. Combined with the positive outlook for the tanker industry, we see good prospects for NAT going forward.
Source: Nordic American Tankers Limited